Economy
Ethiopian Deposit Insurance Fund Lends 3.86 Billion Birr to Government
The Reporter (Amharic) · 4 hours ago · Read the Full Story on The Reporter (Amharic)
AI SUMMARY
The Ethiopian Deposit Insurance Fund announced it has lent 3.86 billion birr to the government over the past four months through treasury bills and Mudarabah investments.
- The Ethiopian Deposit Insurance Fund lent 3.86 billion birr to the government over the past four months.
- The investment includes 3.72 billion birr in treasury bills and 139.18 million birr in Mudarabah accounts.
- The fund provides insurance coverage of up to 100,000 birr per depositor in the event of a financial institution failure.
- A study is underway to determine if the 100,000 birr coverage limit and the 0.3 percent premium rate should be adjusted.
- The Council of Ministers Regulation No. 482/2013 establishing the fund is planned for revision to align with international principles.
- The fund's total investment portfolio reached 27.24 billion birr as of October 10.
- The fund collected 2.61 billion birr in premiums in the first quarter of the current fiscal year, marking a 25.48 percent increase.
- Total cumulative premium collections reached 26.03 billion birr, consisting of 23.55 billion birr from conventional deposits and 2.48 billion birr from interest-free deposits.
- The fund has generated 4.97 billion birr in income from its investment activities since launching operations.
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